• EUR/AUD gained some ground from initial decline on Tuesday as upbeat US retail sales data helped pair recover slight ground.
• EUR/AUD recovery stalls below 5-day MA and pressure is likely to shift to the downside.
• EUR/AUD saw big drop on Monday, a close below 23.6%fib will accelerate downtrend towards 1.6050.
• Technical signals are bearish as RSI is lower at 40, moving averages trending lower.
• Immediate resistance is located at 1.5547 ( 5DMA), any close above will push the pair towards 1.5609 ( 38.2% fib).
• Immediate support is seen at 1.5458 (23.6%fib) and break below could take the pair towards 1.5369 (Lower BB).
Recommendation: Good to sell around 1.5510, with stop loss of 1.5600 and target price of 1.5440.
